CF Industries Holdings, Inc. (CF) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+153.0%

$302.44

vs $119.53 price

Levered DCF

$359.35

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.72

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.61×	12.64×	10.08×	5.18×	16.6×	26.24×	21.31×	34.81×
P/B	2.59×	3.09×	2.69×	3.43×	4.75×	2.85×	3.63×	3.42×
P/S	1.77×	2.59×	2.32×	1.55×	2.33×	2.02×	2.29×	2.29×
EV / EBITDA	4.41×	6.02×	5.07×	2.9×	6.62×	7.73×	7.68×	8.43×
Gross margin	38.5%	34.6%	39.9%	52.7%	36.1%	20.2%	25.8%	20.5%
Operating margin	33.4%	29.4%	35.5%	50.1%	32.7%	15.2%	20.6%	15.7%
Net margin	20.5%	20.5%	23.0%	29.9%	14.0%	7.7%	10.7%	6.5%
Current ratio	3.37×	3.08×	3.81×	3.69×	1.81×	1.51×	1.46×	1.81×
Debt / equity	0.82×	0.65×	0.57×	0.64×	1.16×	1.45×	1.46×	1.59×
Interest coverage	15.26×	14.43×	15.71×	16.28×	11.62×	3.51×	3.99×	2.88×
Dividend yield	2.6%	2.4%	2.0%	1.8%	1.7%	3.1%	2.5%	2.8%
Payout ratio	22.4%	29.9%	20.4%	9.1%	28.4%	81.4%	53.8%	96.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	30.1%	24.4%	26.7%	66.2%	28.6%	10.8%	17.0%	9.8%
Return on invested capital	14.3%	11.5%	14.1%	34.9%	15.8%	5.1%	6.8%	4.5%
Return on assets	10.3%	9.0%	10.6%	25.1%	7.4%	2.6%	4.1%	2.3%
Free cash flow yield	14.4%	11.4%	14.7%	19.7%	15.4%	11.1%	10.5%	10.6%
Earnings yield	11.6%	7.9%	9.9%	19.3%	6.0%	3.8%	4.7%	2.9%
Enterprise value	$14.5B	$17B	$16.6B	$18.2B	$17.3B	$11.9B	$14.5B	$14.1B
Net debt / EBITDA	0.6×	0.58×	0.37×	0.14×	0.8×	2.31×	2.1×	2.4×
Cash conversion cycle (days)	0	43	45	47	54	46	48	41